News Release
DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states who use check cashing services is now able to additionally deliver money, settle payments or purchase a cash order from 1 convenient location, making use of MoneyGram’s vast international system and payment services. QC Holdings, Inc., among the country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at significantly more than 300 of the retail locations after significantly more than a 20-year affiliation with a competitor that is leading.
“we have been worked payday loans in Virginia up about our relationship that is new with. Its strong network that is global technology solutions will deliver exemplary value to the customers and also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings runs shops in 23 states, using the presence that is strongest in Ca, Missouri and sc. The business’s main customer brands are Quik money and National Quik money, nevertheless the ongoing business also incorporates Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart United States Of America.
“we have been delighted to own acquired ecommerce, as QC Holdings is an established and reputable company into the payday lending and check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president regarding the Americas and appearing areas. “Additions like QC Holdings give MoneyGram a proven amount and revenue base from where to create on, plus these are generally our most readily useful product sales device. Their impact and client base is a strategic complement to MoneyGram’s community.”
QC Holdings, Inc. joins Mid-State Ventures, LLC d/b/a Friendly always check Cashing and Rite Check Cashing, Inc., that also joined up with MoneyGram earlier in the day this year after long associations (15 years and 40 years, correspondingly) with a competing cash transfer business. MoneyGram’s agent system comes with Advance America, ACE money Express and Speedy money.
About MoneyGram Global MoneyGram Global, a prominent cash transfer company, enables customers who aren’t completely offered by old-fashioned banking institutions to generally meet their economic requirements. MoneyGram provides bill repayment solutions in america and Canada and cash transfer services around the world through a worldwide system in excess of 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 countries and regions. To master more about money transfer or bill repayment at a realtor location or online, http please visit://www.moneygram.com or relate genuinely to us on Facebook.
About QC Holdings, Inc. Headquartered in Overland Park, Kansas, QC Holdings, Inc. is a leading provider of short-term loans in the us, operating 499 branches in 23 states. The company entered the short-term loan market in 1992 and, since 1998, has grown from 48 branches to 499 branches through a combination of de novo branch openings and acquisitions with more than 25 years of operating experience in the retail consumer finance industry. In addition, the business operates five automotive dealerships when you look at the Kansas City area that is metropolitan. During financial 2010, the ongoing business advanced level about $1.0 billion to clients and reported total profits of $188.1 million.
Keep pay day loans away from N.Y.: Politicians are pocketing campaign funds through the check-cashing industry and considering an policy change that is economically dangerous
A staggeringly bad anti-consumer bill that allows check-cashing shops to start out making loans is quietly winding its means through their state Legislature, advanced by lawmakers who should be aware of better — and who occur to have obtained hefty contributions through the check-cashing industry.
It is a prime exemplory instance of the bad aftereffects of profit politics, and another explanation a lot of people state things in Albany are rigged.
If authorized, the proposed Community Financial solutions Access and Modernization Act would bestow a designation that is new check cashers as “financial services providers” and present them the capability to expand credit, that has for ages been clearly prohibited under state law.
Customer advocates state it is a backdoor work to bring the profitable, predatory payday financing company into nyc.
“when they kick the door available to become loan providers, it becomes much easier for just what they obviously have been salivating for — small-dollar, high-interest loans,” states Sara Ludwig, executive manager of this brand new Economy venture, a nonprofit advocacy company. “we do not have payday financing in ny, so a lot of people don’t understand exactly what a plague it’s.”
Outside nyc, an incredible number of Us americans fall victim towards the plague each year, borrowing against their particular paychecks and do not catching up — with several having to pay up to 700% interest on loans that roll over for many weeks to come, trapping low-income borrowers in a cycle that is permanent of, bankruptcy and property foreclosure.
“Too many borrowers looking for a short-term money fix are saddled with loans they are unable to pay for and sink into long-lasting debt,” is how Richard Cordray, manager regarding the customer Financial Protection Bureau, place it, comparing pay day loans with “getting into a taxi in order to drive across city and choosing yourself stuck in a ruinously expensive cross-country journey.”
Cordray recently announced that the government that is federal to produce laws needing payday loan providers to limit the attention prices they charge and review the power of borrowers to settle the cash.
Right here in nyc, we are able to thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous monetary solutions superintendent, for maintaining payday loan providers away from our state. Lawsky not merely vowed to enforce ny’s 25% usury restriction against online payday lenders, he shut a loophole by declaring that debt collectors could be forbidden from collecting out-of-state pay day loans in nyc.
But which includesn’t stopped ny’s check cashers from looking to get to the company. Between 2010 and 2014, the industry’s PAC and individual check cashers showered a lot more than $370,000 in donations on people in the Legislature, including $42,500 to Bronx Sen. Jeffrey Klein along with his Independent Democratic Conference and $10,000 into the Bronx Democratic company, led at that time by Assemblyman Carl Heastie, that is now the Assembly presenter.
The leaders that are legislative introduced a bill in 2013 that will have allow the check cashers begin lending at prices up to 200%. The balance got killed as a result of Lawsky and advocates that are vocal Ludwig.